E-Mobility

E-Mobility

Landscape

The Electric Vehicles (EVs) have taken the world by storm in recent years. Considering its several benefits: improved energy security, low carbon emission and improved air quality countries like USA, China and Norway are shifting from conventional vehicles to EVs. These countries have witnessed the largest rollout of EVs in last few years. China and USA are the two dominant leaders in Battery Electric Vehicle (BEV) space with total market share of 65%.

Seeing the several benefits of EVs. Government of India has launched the National Electric Mobility Mission Plan (NEMMP) 2020 in 2013. The roadmap had an ambitious target to achieve 6 – 7 million sales of hybrid and electric vehicles year on year from 2020 onwards. The state and central governments have taken initiatives to promote the EVs in India. By transitioning to EVs, India can save up to Rs. 20 Lakh CR. in oil imports and nearly 1 Gigatonne of carbon dioxide emissions by 2030, according to a report by FICCI and Rocky Mountain Institute.

However the India is seeing the low growth trend in EV industry. The main challenges for adopting EVs includes lack of proper infrastructure, favourable policies and regulation, proper investment and financing, local manufacturing base, low customer awareness, etc. It is expected that India will see faster adoption of EVs in coming years leading to huge potential for business opportunities in EV and EVSE space.